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15 Jan 2021 | 13:50

SEC said to be investigating Exxon Mobil over Permian Basin valuation

(Sharecast News) - Exxon Mobil is reportedly being investigated by the US Securities and Exchange Commission after an employee filed a whistleblower complaint last autumn alleging the energy company overvalued its key asset in the Permian Basin. According to a copy of the complaint seen by the Wall Street Journal, several people complained during an internal assessment in 2019 that employees were being forced to use unrealistic assumptions about how quickly Exxon could drill wells there to arrive at a higher value.

The WSJ said that at least one of the workers who complained was fired last year.

It also said the SEC began investigating the claims after receiving the complaint and that the current status of the investigation is unknown.

Exxon shares were down 3.4% at $48.58 in at 1445 GMT.
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